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Bitcoin continued to slide Friday morning after the Securities and Exchange Commission for a second time rejected a proposal by Cameron and Tyler Winklevoss to list an exchange-traded fund tied to the cryptocurrency.

At 8:56 a.m. ET, the red-hot coin was trading down 1.35% at $7,840. It has shed hundred of dollars since news broke Thursday night that the SEC had once again said it didn't think the fund was ready for its debut. The agency originally rejected the fund in March 2017.

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